Demag Repudiates $1.3B Terex Takeover Bid

Law360, New York (May 31, 2011, 1:19 PM EDT) -- Demag Cranes AG on Tuesday urged shareholders to reject equipment manufacturer Terex Corp.’s $1.3 billion takeover bid, deeming the proposed €41.75 ($60) share price inadequate.

Demag concluded that the offered share price fails to reflect the German crane company’s overall value and ignores its prospects in emerging markets as the global economic recovery picks up steam.

Terex launched its tender offer for Demag on May 19, giving Demag shareholders until June 30 to tender their shares for €41.75 in cash, a bid that represents roughly a...
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